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March 15, 2017 in Branchless Banking, Client Focus, Client Protection, Financial Inclusion, Policy, Social Performance, Technology | Tags: Digital Finance, Fintech, Ponzi Schemes, Pyramid Schemes, The Smart Campaign, World Consumer Rights Day | by Center for Financial Inclusion | Leave a comment
> Posted by Jami Solli, Independent Consultant and Founder of the Global Alliance for Legal Aid
Happy World Consumer Rights Day (WCRD)! Every year on March 15 WCRD serves as an opportunity to promote the basic rights of all consumers and as a chance to protest against the market abuses and social injustices which undermine those rights. The theme for this year is ‘Building a Digital World Consumers Can Trust’. The following post spotlights the increasing need for regulatory attention on online financial frauds.
No country in the world is free of financial fraud. And, every nation seems to have its own Bernie Madoff. Yet, Madoff’s $50 billion did not do systemic damage to the U.S. financial system, nor did it harm financial inclusion efforts in America. Unfortunately, when ponzis occur in developing countries, they do cause systemic risk and untold damage to financial inclusion efforts.